Ariana Resources PLC (AIM:AAU) said gold was confirmed to be a significant component of the Klirou deposit within the Magellan project in Cyprus.
Ariana has a 50% stake in the project's owner Venus Minerals Ltd.
Key results from new drilling at Klirou include 22.0 metres (m) at 0.72 grammes a tonne (g/t) gold, 16.0m at 0.73g/t and 14.0m at 0.64g/t.
"These initial drilling results at the Klirou Sector have confirmed the presence of significant gold within the deposit,” said managing director Dr. Kerim Sener. “Like Kokkinoyia, it appears there is a metal zonation at Klirou, with gold mineralisation most closely correlated with zones of zinc mineralisation.”
READ: Ariana Resources reports 240% resource jump for Kokkinoyia Sector of Magellan project
"These results also indicate that the mineralisation is likely to be more structurally controlled than previously considered, with high-grade gold mineralisation encountered along metre-wide structures.
“Follow-up work at Klirou will probably involve a detailed geophysical survey, to help identify extensions to the mineralisation at depth and along strike, prior to a future round of drilling.
“Meanwhile, Venus is continuing to progress towards its planned IPO in London and we look forward to providing further updates on this in due course," he concluded.